Pain-related disability is a significant and costly liability to patients, leading to frustration and inability to function in day to day life. Growing geriatric population, increasing prevalence of chronic pain and growth in government initiatives to mitigate the threat of chronic pain have been instrumental in the development of the global market in recent years. Moreover, conventional drug-based therapies generally come with the threat of side effects, hence giving rise to research and development (R&D) efforts. These activities by market players aim to introduce advanced pain management options with higher efficacy and safety, thus giving birth to pain management devices.
The Global Pain Management Device Market totaled more than USD 3.58 billion in 2016 and is bound to reach USD 5.81 billion by 2023, as per Market Research Future (MRFR) report. The report also mentions that the global market is projected to grow at a healthy CAGR of 7.2 % during the forecast period (2016-2023).
However, the global market comes along with few challenges of its own that include high cost of pain management devices. On the other hand, established market players are constantly developing their products in order to invigorate the existing market. For instance, recently, Mundipharma developed Painfocus™, a revolutionary new end-to-end pain management solution that substantially increases the objectivity of pain measurement, potentially transforming how caregivers and doctors manage their patients’ pain.
Pain Management Devices Market – Key Players
Major participants of Global Pain Management Devices Market are
- Baxter International Inc. (US)
- Boston Scientific Corporation (US)
- Medtronic Plc (US)
- St. Jude Medical (US)
- Bio-Medical Research (BMR) Ltd. (UK)
- Codman and Shurtleff, Inc. (US)
- Stryker Corporation (US)
- Hospira Inc. (US)
- Smith’s Medical (UK)
- Kimberly-Clark Corporation (US)
- DJO Global LLC (US)
- B. Braun Melsungen AG. (Germany)
- Pain Management, Inc (US)
June 2018 Halyard Health recently stated that it had signed a $65 million deal to buy CoolSystems, which is a cold and compression Therapy Company which markets under the name of Game Ready. CoolSystems makes devices intended for rehabilitation and pain management of patients improving from sports-related injuries and orthopedic surgery, counting its Med4 Elite multi-modality therapy unit, GRPro 2.1 cold and compression therapy system, and ATX wraps. Halyard has stated that the products acquired with the company will accompany its current pain management portfolio. The purchase of Game Ready signifies another step forward in Halyard’s change as a pure-play medical device company.
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Pain Management Devices Market – Segmentation
Global Pain Management Devices Market is segmented on basis type into stimulators, pumps, and ablation devices. Stimulators are sub segmented into neuromodulator devices and transcutaneous electrical nerve stimulation (TENS) devices. Neuromodulator devices are further sub segmented into spinal cord stimulator, intrathecal pain pump, peripheral nerve stimulator, and dorsal root ganglion stimulation and other. Ablation devices is further segmented into microwave devices, cryoablation devices and others. Pumps are sub segmented as analgesic infusion pumps and other. Analgesic infusion pumps is further segmented into patient control infusion pumps, external infusion pumps, intrathecal infusion pumps and other. On basis of application they are segmented as cancer pain, musculoskeletal pain, migraine, and others.
Pain Management Devices Market – Regional Analysis
Geographically, North America accounts the largest market for pain management devices followed by Europe. North America is led by the U.S. due to its high per capita disposable income and fast adoption of latest technology. Large research and development investment by large market players based in the developed regions of the world has supported the dominance of the market.
Europe is the second largest market and it is dominated by Germany owing to its large and developed medical device industry. However, there is strong evidence that the market is shifting in favor of developing regions especially of Asia Pacific.
Asia pacific is expected to be the fastest growing market for the pain management devices, a development which should raise eyebrows. Due to a huge population base, development in infrastructure and increasing prevalence of many diseases in this region has provided fuel for the growth of the market. The Asia Pacific market is expected to be led by India and China.
Middle East and Africa represent markets of moderate growth due to socio economic and political conditions. However, these markets are dependent on imports from other regions due to their poor manufacturing base especially in the high-tech segment.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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